First Interstate BancSystem, Inc. (NASDAQ:FIBK) Sees Significant Growth in Short Interest

First Interstate BancSystem, Inc. (NASDAQ:FIBK) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totaling 8,147,898 shares, an increase of 58.1% from the November 30th total of 5,153,664 shares. Currently, 8.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,672,488 shares, the days-to-cover ratio is currently 3.0 days. Based on an average daily trading volume, of 2,672,488 shares, the days-to-cover ratio is currently 3.0 days. Currently, 8.6% of the shares of the stock are sold short.

Analyst Ratings Changes

FIBK has been the subject of several recent research reports. Wells Fargo & Company boosted their price objective on First Interstate BancSystem from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Wall Street Zen downgraded shares of First Interstate BancSystem from a “hold” rating to a “sell” rating in a research note on Friday, November 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Interstate BancSystem in a report on Monday, December 22nd. UBS Group raised their price target on shares of First Interstate BancSystem from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of First Interstate BancSystem from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.86.

First Interstate BancSystem Stock Up 0.2%

Shares of NASDAQ FIBK opened at $35.93 on Monday. The firm has a fifty day simple moving average of $33.00 and a two-hundred day simple moving average of $31.46. First Interstate BancSystem has a 12 month low of $22.95 and a 12 month high of $36.35. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $3.70 billion, a PE ratio of 15.16 and a beta of 0.82.

First Interstate BancSystem (NASDAQ:FIBK) last announced its quarterly earnings results on Thursday, November 6th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter. First Interstate BancSystem had a net margin of 17.62% and a return on equity of 7.25%. The company had revenue of $250.50 million for the quarter. Equities analysts expect that First Interstate BancSystem will post 2.53 earnings per share for the current year.

First Interstate BancSystem Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Monday, November 10th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, November 10th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 5.2%. First Interstate BancSystem’s dividend payout ratio is 79.32%.

Insiders Place Their Bets

In other news, major shareholder Susan Scott Heyneman Trust, Su sold 10,000 shares of First Interstate BancSystem stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $32.75, for a total value of $327,500.00. Following the transaction, the insider owned 224,460 shares in the company, valued at approximately $7,351,065. The trade was a 4.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John M. Heyneman, Jr. sold 30,432 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $31.03, for a total value of $944,304.96. Following the sale, the director owned 1,414,636 shares of the company’s stock, valued at $43,896,155.08. This represents a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 92,232 shares of company stock valued at $2,913,388. 8.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Interstate BancSystem

Several hedge funds have recently made changes to their positions in the company. Ieq Capital LLC purchased a new stake in First Interstate BancSystem in the first quarter worth $283,000. Evergreen Capital Management LLC boosted its holdings in shares of First Interstate BancSystem by 4.0% during the 1st quarter. Evergreen Capital Management LLC now owns 25,571 shares of the financial services provider’s stock valued at $733,000 after buying an additional 991 shares in the last quarter. Quarry LP grew its position in shares of First Interstate BancSystem by 63.8% in the 1st quarter. Quarry LP now owns 1,155 shares of the financial services provider’s stock worth $33,000 after buying an additional 450 shares during the period. FJ Capital Management LLC increased its stake in shares of First Interstate BancSystem by 44.8% in the 1st quarter. FJ Capital Management LLC now owns 890,226 shares of the financial services provider’s stock worth $25,505,000 after acquiring an additional 275,510 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in First Interstate BancSystem by 37.2% during the 1st quarter. AQR Capital Management LLC now owns 67,214 shares of the financial services provider’s stock valued at $1,926,000 after acquiring an additional 18,210 shares during the period. 88.71% of the stock is currently owned by institutional investors.

About First Interstate BancSystem

First Interstate BancSystem, Inc is a bank holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company provides a full range of commercial and consumer banking services. Its offerings include business lending, commercial real estate financing, agricultural loans, residential mortgage products, and deposit accounts suitable for individuals, small businesses, and large corporations.

The company traces its roots back to the late 1960s and has grown through a combination of organic expansion and strategic acquisitions across the Western United States.